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National Hockey League Appendix 5.4 to Sports Facility Reports, Volume 2, Number 2 ( Copyright 2001, National Sports Law Institute of Marquette University Law School) NATIONAL HOCKEY LEAGUE Note: Information complied from Forbes Magazine (franchise values), Sports Business Daily, RSV Fax, RSV, Sports Industry Update, Sports Business Journal, and other sources published on or before August 6, 2001. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Atlanta Thrashers Time Warner, Inc. $80 (1997) $138 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Philips Arena 1999 $213.5 81% The facility is being financed through $149.5 M in taxable revenue bonds that will be paid back through stadium revenues; $62 M for public infrastructure costs, which will be repaid with a new 3% car rental tax; and $20 M for the remaining infrastructure costs from Time Warner. In addition, Philips Electronics signed a 20-year, $180 million deal for the naming rights. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Boston Bruins Jeremy Jacobs $217 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed FleetCenter 1995 $160 0% Privately financed. Fleet Bank paid $30 for 15-year naming rights deal. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Buffalo Sabres John Rigas $ 95.6 in cash and $97 debt assumption for 50% stake (1998) Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Marine Midland Arena 1996 $122.5 44% The Arena was financed through a state loan (20%), County bonds backed by ticket surcharge (16%), City bonds (8%), and private bank loans (56%). The Marine Midland Bank paid $15 M for 20- year naming rights in 1996. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Calgary Flames Harley Hotchkiss $82 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Canadian Airlines 1983 C$176 100% Paid for by the City and Province of Alberta. Canadian Airlines Saddledome paid C$10 M for 20-year naming rights in 1996. UPDATE In June 2001, the Calgary City Council agreed to take on $1.3 M in capital expenses for the Saddledome. The amount is one-third of the annual capital cost. Alberta agreed to a new lottery game to help defray some of the costs for the building and the team. A ticket surcharge will fund the remaining third of the capital expense. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Carolina Hurricanes Peter Karmonos Jr. $47.5 (1994) $79 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Entertainment & Sports 1999 $160 87% The Hurricanes will share the arena with North Carolina State Arena University. The arena was financed by a $22 M contribution from NC State, $75.2 M from Wake County and the City of Raleigh, and $18 M plus infrastructure costs from the state. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Chicago Blackhawks William Wirtz $197 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed United Center 1994 $150 7% Joint Venture between Bulls and NHL Blackhawks. Financed jointly with City and private corporations. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Colorado Avalanche Stan Kroenke $404 (93% along $198 with Nuggets & Pepsi Center) Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Pepsi Center 1999 $164.5 3% Financed mostly through private loans. Also received $15 M from Liberty Media and $4.5 M in infrastructure, $2.25 M for construction sales tax rebates and $2.1 M annually for property tax exemptions. Pepsi pays $68 M for naming rights. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Columbus Blue Jackets Nationwide Insurance $80 (1997) NA Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Nationwide Arena 2000 $150 0% Nationwide Insurance is contributing 90% of the costs and Dispatch Printing Co. is paying 10%. Nationwide acquired the naming rights as part of providing financing for the arena. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Dallas Stars Thomas O. Hicks $34 (1994) $182 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed American Airlines Center 2001 $300 42% The City is paying $125 M (capped) and the Mavericks and Stars are paying the remaining amount. The funds to repay the public portion of the financing are coming from a 5% car rental tax, 2% hotel tax, and $3.4 M per year lease for 30 years. In addition, American Airlines is paying $195 M for the 30-year naming rights. UPDATE The American Airlines Center will open in July, two months earlier than planned. The new arena is expected to come in $100 M over budget with a final estimate of $420 M. NBA Mavericks owner Mark Cuban and Stars owner Tom Hicks will share the extra cost. Most of the extra cost came from stadium upgrades including wiring for interactive devices, improved signage, and expansion by 100,000 square feet. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Detroit Red Wings Michael Illitch $218 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Joe Louis Arena 1979 $57 100% Publicly funded. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Edmonton Oilers James Hole $70 (U.S.: 1998) $77 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Skyreach Center 1974 C$68 N/A 1994 Renovation cost C$14 M. UPDATE The Oilers and the City of Edmonton are upgrading the Skyreach Centre. The team will spend $1.1 M to build 11 new luxury suites for which they already have leases. The leases range from CAN$42,000 to CAN$125,000 per year. Other improvements will include new seating, a new scoreboard, structural repairs and general upgrades. The city will loan the Oilers CAN$8.6 M needed for the project. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Florida Panthers H. Wayne Huizenga $50 (1992) $147 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed National Car Rental 1998 $212 87% $185 M publicly funded. The team funded the remainder. National Center Car Rental paid $22 million over 10 years for the naming rights. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Los Angeles Kings Philip Anschutz, $113.25 (1995) $160 Edward Roski Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Staples Center 1999 $375 73% The city provided $38.5 M in bonds and $20 M in Los Angeles Convention Center reserves. This money will eventually be repaid through arena revenues. An additional $12 M in tax incremental financing was also provided by the city’s Community Redevelopment Agency. The Clippers, Kings, and Lakers will share the arena. Staples paid $100 M for naming rights for 20 years. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Mighty Ducks of Anaheim Walt Disney $50 (1992) $116 Company Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Arrowhead Pond 1993 $120 100% Public. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Minnesota Wild Robert Naegele Jr. $80 (1997) NA Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Xcel Arena 2000 $130 100% The state will issue a $65 M interest free loan with the city financing the remaining $65 M. Team payments and the imposition of a half- cent sales tax in the City of St. Paul will repay the loans. $17 M of the state loan will be forgiven in exchange for the right of Minnesota high school tournaments to be held at the facility. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Montreal Canadiens Molson Companies $191 Ltd. Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Molson Centre 1996 C$230 0% Full cost assumed by the Molson Co. Ltd. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) Nashville Predators Craig L. Leipold $80 (1997) $129 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Gaylord Entertainment 1997 $144 100% General obligation bonds issued by the City of Nashville. Center Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) New Jersey Devils YankeeNets $176 (>50% 2000) $163 Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Continental Airlines Arena 1981 $85 100% Arena part of larger sports complex that houses a football stadium and hours racetrack. Publicly funded by bond issued by the New Jersey sports authority. Debt paid off by revenue generated from racetrack. UPDATE YankeeNets, owners of the NBA Nets and the NHL Devils, have reached an agreement with city officials for a new $335 M, 18,500-seat arena. The facility is scheduled to open in downtown Newark in 2004. The agreement requires YankeeNets to invest $115 M as well as manage construction and cover any cost overruns. The state will rebate up to $190 M over 30 years in sales tax revenues generated by an arena district resulting in a three-cent sales tax increase. An additional $50 M will come from Newark and Essex counties. The teams have agreed to sign a 30- year lease. The development plan calls for $100 M in privately financed restaurants, commercial space, and a hotel. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) New York Islanders Charles Wang & $187.5 (2000) $139 Sanjay Kumar Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Nassau Veterans Coliseum 1972 $31.3 100% Funded through tax-exempt bond issue. Team Principal Owner Recent Purchase Current Value ($/Mil) Price ($/Mil) New York Rangers Cablevision Systems $650 (team, NBA's $263 Knicks, Facility, MSG Network: 1997) Arena ETA COST %’s FACILITY FINANCING (millions) Publicly Financed Madison Square Garden 1968 $43 100% $200 million renovation in 1990.
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